Biomedical Research Tax Credit turns giving into receiving

December 20, 2013

It feels good to give. But it feels even better to give and get something back—and that’s what the Biomedical Research Tax Credit is all about.

“The tax credit is like Christmas all year long,” said Penny Voss, OMRF’s vice president of development. “Donors can support medical research in Oklahoma and get a hefty rebate on their taxes the next year.”

For every tax-deductible donation made to OMRF, the donor earns an Oklahoma state tax credit worth half that amount, Voss said. A couple filing jointly in the 33 percent tax bracket who gives $4,000 to OMRF will actually spend less than $500 after tax credits and state and federal deductions.

That’s a substantial amount of money coming back while still giving Oklahoma-based scientists the tools they need to make life-saving discoveries.

That’s also why the tax credit makes sense for donors and the state, she said. Giving to OMRF is an investment in the future, but it’s also good for today’s economy. The bio-tech industry is an engine of growth, attracting top scientists from around the world and providing high-paying jobs to Oklahomans.

“With federal budget cutbacks, the support of Oklahomans becomes even more vital to OMRF’s success,” said Voss. “The money you give can be directed to the research you care about, and 100 percent of it will go to research.”

Researchers at OMRF study a wide gamut of diseases, from basic cellular biology to cancer, heart disease, lupus, multiple sclerosis and more. For 12 consecutive years, OMRF has received the highest possible rating from Charity Navigator.

“Your charitable dollars go further when you give to OMRF,” she said. “And the benefit to the health of future generations means your gift will make a difference for decades to come.”